Stay home and use the equity you've built
A reverse mortgage lets homeowners 55 and older borrow against their home with no regular payments required. Mitch lays out the costs honestly, compares other options, and makes sure your family understands it too.
What happens next.
Hover a step. Every file is different, but this is the path.
Open conversation
We talk through your goals, your home and your budget. Family members are welcome on the call.
Compare all options
Mitch compares a reverse mortgage against a refinance, HELOC or downsizing so you can choose with the full picture.
Appraisal and legal advice
The lender appraises your home, and you get independent legal advice before signing.
Receive funds
Take a lump sum, scheduled advances or a mix. Any existing mortgage is paid off first.
Is this you?
- Retirees who want to stay in their home long term
- Homeowners with strong equity but tight monthly cash flow
- Anyone who wants to pay off an existing mortgage or debt
- Homeowners funding renovations or accessibility upgrades
- Parents who want to help family now
How we can structure it.
Lump sum
Receive your funds at once to pay off a mortgage, renovate or help family.
Scheduled advances
Receive money in regular payments to top up retirement income.
Combination
An initial amount now, with more available later, subject to the lender's terms.
Refinance calculator
Compare your payment today with a refinance, including cash out and any penalty.
- Payment today
- Change per month
- New mortgage balance
- Max equity available (80%)
- 3 months' interest, rough penalty guide
Estimate only, using Canadian semi-annual compounding. Example rates are for math, not an offer. Your actual rate and APR depend on your approval.
What you'll need
- Government-issued photo ID for every owner on title
- Property tax bill
- Current mortgage statement, if you have one
- Home insurance details
- Proof of age for all borrowers
Don't have it all yet? Start anyway. We'll tell you exactly what's missing.
Worth knowing first
- Interest accrues on the balance and compounds over time, so your equity in the home shrinks the longer the loan runs.
- Reverse mortgage rates are generally higher than regular mortgage rates, and there are setup and appraisal costs.
- Repaying early, for example by selling within the first few years, can trigger a prepayment penalty.
- You still need to pay property taxes, insurance and keep the home maintained, or the loan can come due.
Good questions.
Who qualifies?
Homeowners 55 and older, for their primary residence in Canada. All owners on title must be 55 or older. Age, location and home value set your maximum.
How much can I borrow?
Up to 55% of your home's appraised value. Older borrowers and higher-value homes usually qualify for more.
Do I still own my home?
Yes. You keep ownership and can live there as long as you keep up taxes, insurance and maintenance.
When is it repaid?
When you sell, move out permanently, or when the last borrower passes away. The balance is repaid from the sale, and any remaining equity goes to you or your estate.
Is the money taxable?
Generally no, because it's a loan rather than income. Check with your accountant on how it fits with your benefits and estate plan.
See your options in 60 seconds.
No credit check. No obligation. Then book a free call with Mitch.
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